Core Insights - The bond investment business, which constitutes one-third of the public fund's total assets, is undergoing significant transformation influenced by market and policy factors [1][3] - In Q3, the bond market experienced a contraction, with bond fund sizes shrinking significantly due to market dynamics and policy adjustments [1][2] Market Trends - In Q3, the total size of bond funds reached 10 trillion yuan, shrinking by nearly 170 billion yuan in a single quarter, indicating a clear slowdown in growth [1] - The structural differentiation is notable, with pure bond funds decreasing by 770 billion yuan while mixed bond funds grew by approximately 500 billion yuan, highlighting a significant shift in the industry landscape [1][2] Industry Challenges - Over 70 public fund managers experienced a decline in scale during Q3, primarily due to the substantial reduction in bond fund sizes [2] - A significant number of bond funds faced large redemptions, with 102 out of 110 funds that shrank by over 3 billion yuan being bond funds, indicating a broader industry challenge [2] Policy Impact - The adjustments in industry policies have had a profound and long-term impact on the transformation of the bond fund sector [3] - Recent policy changes include the introduction of a tax on bond interest income and new regulations on fund sales fees, which have raised concerns about bond fund redemptions [3][4] Strategic Responses - Some public funds, such as 景顺长城基金, have successfully increased their bond fund sizes despite market challenges, primarily through the growth of mixed bond products [6] - The bond ETF market is seen as a potential avenue for growth, requiring higher resource capabilities from fund companies [7] Future Opportunities - Opportunities for public funds under the new regulations include expanding tool-based products, meeting institutional outsourcing demands, and innovating in niche areas [8] - The 3% value-added tax on bond funds is lower than the 6% for bank self-operated products, potentially attracting more institutional investments [5][8]

Core Insights - The bond investment business, which constitutes one-third of the public fund's total size, is undergoing significant transformation influenced by market and policy factors [1][3] - The bond market has contracted this year, with a notable decline in bond fund sizes due to market dynamics and policy adjustments [1][2] Market Trends - In Q3, the total size of bond funds reached 10 trillion yuan, shrinking by nearly 170 billion yuan in a single quarter, indicating a clear slowdown in growth [1] - The pure bond fund sector saw a significant reduction of 770 billion yuan, while mixed bond funds experienced a counter-trend growth of approximately 500 billion yuan, highlighting a major shift in industry dynamics [1] Industry Concerns - Over 70 public fund managers reported a decline in scale during Q3, primarily due to the substantial shrinkage of bond funds [2] - The anxiety among fund managers is prevalent, with many companies experiencing significant scale reductions despite a rising A-share market [2] Policy Impact - Recent policy adjustments, including changes to fund sales fees and tax regulations, have profoundly affected the bond fund landscape [3][4] - The introduction of punitive redemption fees for short-term withdrawals is expected to suppress short-term trading demand for bond funds [4] Strategic Responses - Some firms, such as 景顺长城基金, have successfully increased their bond fund sizes by over 40 billion yuan, largely due to the growth of mixed bond products [6] - The bond ETF market is seen as a potential growth area, requiring higher resource capabilities from fund companies [7] Future Opportunities - Opportunities for public funds under the new regulations include expanding tool-based products, meeting institutional outsourcing demands, and innovating in niche areas [8] - The 3% value-added tax on bond funds remains lower than the 6% for bank self-operated products, potentially attracting more institutional investments [8]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - China's regulatory system for financial institutions' investment in funds has evolved from initial shadow banking rectification to unified penetration supervision. The current regulatory logic for funds as an important vehicle for institutional investment SPVs is "penetration supervision, risk provisioning, de - nesting, and de - arbitrage" [3]. - Different financial institutions have different motivations and strategies for investing in bond funds. Banks focus on capital conservation and liquidity management, bank wealth management aims at asset allocation and liquidity management, and insurance funds seek to optimize income structure, match assets and liabilities, improve tax efficiency, and supplement investment research [4]. - The regulatory framework and reforms influence institutional investment and bond fund design. Institutions generally prefer bond funds with transparent underlying assets, high liquidity, and low leverage. Customized special accounts and "customized bond funds" are becoming mainstream, and index bond funds have the potential to become the mainstream of allocation [5]. 3. Summary According to the Directory 3.1 Historical Review: From Separate and Fragmented to Unified Penetration - **2008 - 2012**: Shadow banking issues emerged. The CBRC issued relevant documents to require the return of silver - trust cooperation assets to the balance sheet and prohibited certain bank wealth management product investments. The CSRC included private funds in the regulatory framework and made requirements for collective asset management plans [11]. - **2013 - 2016**: With the prevalence of non - standard assets and bond leverage, the CBRC set concentration regulatory indicators for non - standard asset investment in wealth management, and the central bank and other regulatory authorities unified the definition and supervision scope of inter - bank business, requiring penetration of underlying assets and capital provisioning [12]. - **2017 - 2021**: The implementation of the "Asset Management New Regulations" marked the entry of the large asset management industry into the era of unified penetration supervision, establishing unified regulatory standards and risk measurement frameworks. During the transition and improvement period from 2019 - 2021, the focus was on supporting detailed rules and stock rectification [14]. - **2022 - 2025**: The regulatory legal system was finalized, and a new asset management ecosystem was initially established. A general regulatory framework for funds as institutional investment SPVs was built [17]. 3.2 Regulatory Framework: Systemic Review of Various Financial Institutions' Investment in Bond Funds - **Bank Self - Operation**: The core logic for banks to allocate bond funds is the tax - exemption effect and liquidity management advantages. The "Capital New Regulations" require banks to penetrate and identify underlying assets and calculate capital according to different methods. Banks generally prefer bond funds with transparent underlying assets, low leverage, and few nesting levels. Different types of bond funds have different allocation logics for banks [19]. - **Bank Wealth Management**: After the implementation of the asset management new regulations, the proportion of bank wealth management funds allocated to public funds has increased. The motivations for investment include asset allocation, liquidity management, and supplementing investment research capabilities. There are regulatory requirements for investment scope, penetration, risk isolation, concentration, and leverage [28]. - **Insurance Funds**: The reasons for insurance funds to invest in bond funds include optimizing income structure, matching assets and liabilities, improving tax efficiency, and supplementing investment research. Insurance funds need to comply with multiple regulatory requirements, including penetration supervision, investment management ability requirements, proportion supervision, and concentration management. Bond funds are mainly used as strategic supplementary assets [35]. 3.3 Development Trends: Bond Fund Product Design from the Perspective of the Regulatory Framework - **Bond Fund Product Design**: There are trends of transparency, customization, and passivation. Products with transparent underlying assets are more popular, customized special accounts and "customized bond funds" may become the mainstream of institutional cooperation, and passive index investment presents new opportunities [46]. - **Impact of Regulatory Changes on Institutional Fund Allocation Willingness**: Fee reforms limit the short - term trading space of bond funds and strengthen the long - term investment orientation of institutions. Tax policy adjustments make bond funds relatively more attractive in the short term, but in the medium term, institutions may shift from "investing through funds" to "self - management" [49].

Core Viewpoint - The article discusses the launch of the floating fee rate product "Zhongyin Quality Emerging Mixed Securities Investment Fund" by Zhongyin Fund, in response to the implementation of the "Action Plan for Promoting the High-Quality Development of Public Funds" which emphasizes a performance-linked fee structure [1][2]. Fund Fee Structure - The floating management fee structure links fees to the investor's holding period and performance, allowing for higher fees if returns exceed certain thresholds and lower fees if returns are negative [2]. - If the holding period is less than one year, a management fee of 1.2% is charged; for one year or more, the fee varies based on performance, with a maximum of 1.5% for annualized excess returns over 6% and a minimum of 0.6% for returns below -3% [2]. Performance Benchmark - The performance benchmark for Zhongyin Quality Emerging is aligned with industry trends, including the CSI 300 Index, Hang Seng Index, and the China Bond Composite Index, reflecting a comprehensive view of market performance [2]. Fund Manager Profile - The fund manager, Li Sijia, focuses on large-cap growth and balanced sector allocation, employing a combination of top-down and bottom-up investment strategies [3]. - Li Sijia has demonstrated strong historical performance, with the Zhongyin Strategic Emerging Industry Fund achieving a 43.92% return over the past year, resulting in a 28.55% excess return [3]. Market Outlook - The article suggests that as China's economy transitions, a new capital expenditure cycle is beginning, with the equity market expected to perform well, particularly in technology growth sectors [4]. - Li Sijia remains optimistic about investment opportunities arising from AI and the impact of cyclical price changes on asset pricing [4].

Core Viewpoint - The recent leadership change at Industrial Fund, with Liu Zongzhi appointed as chairman, raises questions about the company's ability to overcome its performance stagnation and improve its equity business, which has been a weak point compared to its bond and money market funds [2][3][5]. Leadership Changes - Liu Zongzhi officially took over as chairman on October 16, 2025, following the resignation of Ye Wenhuang due to age [2][4]. - This marks the second chairman change within three years, indicating instability in leadership [2][4]. - Liu Zongzhi has a background in the banking sector, having held various positions within Industrial Bank, which may influence his approach to managing the fund [3][4]. Performance Challenges - Industrial Fund has faced a "bottleneck" in performance, with net profit failing to surpass the 2021 peak [2][5]. - In 2022, the company experienced a revenue decline of 7.2% to 1.13 billion yuan and a net profit drop of 22% to 380 million yuan [4][5]. - Despite a recovery in 2024, with revenue increasing by 5.9% to 1.237 billion yuan and net profit rising by 6.2% to 426 million yuan, it still lags behind the 2021 figures [5]. Product Structure Imbalance - As of June 2025, the fund's product structure is heavily weighted towards fixed income, with bond and money market funds comprising 96.4% of the total, while equity funds account for less than 4% [6][9]. - The departure of key equity fund manager Qian Ruinan has raised concerns about the fund's ability to enhance its equity offerings [6][9]. Regulatory Environment and Fee Structure - Recent regulatory changes aimed at reducing fund fees may further pressure the company's earnings, particularly affecting fixed income products which generally have lower management fees compared to equity products [8][9]. - The new fee regulations are expected to reshape the fund sales ecosystem, potentially impacting the income structure of firms like Industrial Fund that rely heavily on fixed income products [8][10]. Future Outlook - The new chairman, Liu Zongzhi, is expected to seek a balanced development strategy to address the challenges posed by the current market environment and regulatory changes [10].

Core Viewpoint - The article discusses the "Action Plan for Promoting the High-Quality Development of Publicly Offered Funds," which aims to systematically reduce costs for investors and enhance investment returns through a series of fee reforms [1] Group 1: Fee Reduction Measures - The first phase of the fee reform focuses on lowering management fees and custody fees for actively managed equity funds, reducing rates from 1.5% to 1.2% and from 0.25% to below 0.2% respectively [2] - The second phase involves reducing the commission rates for stock trading, with limits set on the distribution of trading commissions for fund managers, ensuring that passive equity funds do not exceed the average market trading commission rate [2] Group 2: Direct Benefits to Investors - Subscription fees for equity, mixed, and bond funds have been significantly reduced, with new upper limits set at 0.8%, 0.5%, and 0.3% respectively, representing a decrease of approximately one-third to two-thirds from previous levels [3] - The new regulations eliminate sales service fees for shares held longer than one year (excluding money market funds), encouraging long-term investment and further reducing holding costs for investors [3] Group 3: Redemption Fee Mechanism Optimization - The redemption fee structure has been simplified to better protect the interests of long-term holders, with fees now fully allocated to the fund's assets, compensating remaining investors for costs incurred due to redemptions [4] Group 4: Sales Behavior Regulation - The proposal prohibits "double charging," requiring investment advisory firms to choose between charging advisory fees or client maintenance fees, promoting a focus on value creation for investors [5] - Strict regulations against improper benefit transfers are enforced to ensure that sales recommendations prioritize investor needs rather than commission incentives [5] - The cumulative effect of these reforms is projected to save investors over 50 billion yuan annually, marking a significant shift from a "channel-driven" to a "service-driven" industry model [5]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The stock market shows a positive trend after the holiday, the bond market is expected to be volatile in the short - term, and the strategy of shorting volatility in index options can be appropriately adopted [1][2][3] Summary by Related Catalogs 1. Market Trends and Strategies Stock Index Futures - After - holiday trend is positive. During the holiday, the offshore Hong Kong market first rose and then declined, with semiconductor, electrical equipment, and price - increase chains leading the gains, which is beneficial to the anti - involution and dual - innovation styles in the A - share market. The weakening of the Hang Seng Index in the second half of the week may be related to the US dollar index, but the weak - dollar assumption remains unchanged. The positive factors for the post - holiday A - share market include positive expectations for the 15th Five - Year Plan, large - scale technology stocks outperforming the market, and pre - holiday resting funds likely to re - enter the market. Under the dominance of domestic institutional investors, the dual - innovation sector is expected to outperform, followed by CSI 1000 and CSI 2000. The operation suggestion is to hold IM contracts [1][7] Stock Index Options - The strategy of shorting volatility can be appropriately adopted. Before the holiday, the option strategy was defensive for equity positions. After the holiday, as the market stabilizes and the previous long - option positions are closed, the implied volatility of options is likely to decline naturally, so shorting volatility is recommended this week [2][7] Bond Index Futures - The bond market is expected to be volatile and cautious in the short - term. On September 30, the main contracts of bond index futures rose collectively. The central bank's reverse repurchase net withdrawal on the 30th tightened the overnight capital market. The slightly better - than - expected September manufacturing PMI, the central bank's plan to conduct a 1.1 - trillion 3 - month outright reverse repurchase on October 9, and some trading desks' net buying of spot bonds contributed to the positive sentiment in the bond market. During the National Day holiday, new policies and consumption data emerged. In the short - term, factors such as fund fee reform and the stock - bond seesaw may continue to affect the bond market. The central bank's stance on policies implies that reserve requirement ratio cuts and interest rate cuts may need to wait. In a volatile market, long - term bonds have greater fluctuations, and long - term arbitrage opportunities are recommended. The yield curve may continue to steepen. Operation suggestions include a cautious trend strategy, paying attention to short - selling hedging at low basis levels, long - term arbitrage opportunities, and curve steepening [3][7][9] 2. Economic Calendar - The economic data released this week include China's September official manufacturing PMI (49.8, slightly exceeding expectations), the US September ISM manufacturing PMI (49.1), and China's September foreign exchange reserves (33386.58 billion US dollars, an increase of 165 billion US dollars from the end of August) [10] 3. Important Information and News Tracking US Macroeconomics - The US government shutdown continues, but Goldman Sachs believes it is unlikely to last beyond October 15. The two - party dispute focuses on the medical subsidy bill expiring on November 1, and if Trump shows willingness to discuss health issues, the Democrats may agree to a short - term reopening of the government [11] Domestic Macroeconomics - China's foreign exchange reserves at the end of September were 33386.58 billion US dollars, an increase of 165 billion US dollars from the end of August, and gold reserves increased by 40,000 ounces to 74.06 million ounces, with 11 consecutive months of increases. The increase in foreign exchange reserves is due to factors such as exchange rate conversion and asset price changes, and China's stable economic development is conducive to maintaining the stability of foreign exchange reserves [11] Precious Metals - On October 7, the New York gold futures price hit a record high of over 4000 US dollars per ounce, and the London spot gold price also exceeded 3990 US dollars per ounce. Factors such as the US fiscal deficit, geopolitical conflicts, central bank gold - buying, and Fed rate - cut expectations have driven the rise. Goldman Sachs has raised its gold price forecast for December 2026 to 4900 US dollars per ounce [12] Real Estate - In the first three quarters of 2025, the financing scale of real - estate enterprises was 307.2 billion yuan, a year - on - year decrease of 30%. The financing scale in the third quarter was 114.5 billion yuan, a 5% increase from the previous quarter but a 35% decrease year - on - year, remaining at a historical low. Most private real - estate enterprises, especially troubled ones, still face significant financing difficulties [12] 4. Derivatives Market Monitoring No specific monitoring data content is provided in the given text for detailed summary.

Report Industry Investment Rating No information provided in the report. Core Viewpoints - The bond market has both "long - term concerns" and "immediate worries" this week. The short - selling inertia persists, but the buying of bonds by large banks and central bank operations have played a stabilizing role, and interest rates have recovered after consecutive increases. However, more positive and definite signals are needed to reverse the short - selling inertia [1][7]. - The calendar effect of the bond market is not obvious, and holidays do not change the main trend of the market. The main factors influencing bond market trends around the National Day are the fundamentals and fiscal policies [18][20]. - In the bond market adjustment, the decline of secondary perpetual bonds, policy - financial bonds, and ultra - long - term bonds favored by public funds is particularly obvious. It is recommended to pay attention to the re - evaluation risks of the interest rate tops of ultra - long - term bonds and 5Y secondary perpetual bonds [3][33]. Summary by Directory 1. This Week's Bond Market Review - The bond market has "long - term concerns" and "immediate worries". The short - selling inertia remains, and the market is worried about the formal implementation of the fund fee solicitation draft and the introduction of unexpected fiscal stimulus policies, as well as the current cross - quarter liquidity support and fund liability - side redemption pressure. The expectation of large banks' entry and the central bank's restart of bond - buying can drive interest rates down, but the extent and sustainability are not firm [1][7]. - From Monday to Friday, the bond market showed different trends. Overall, compared with September 19, by September 26, the 1Y, 5Y, 10Y, and 30Y ChinaBond Treasury bond yields decreased by 0.7BP, increased by 0.5BP, decreased by 0.2BP, and increased by 1.7BP respectively [7][9][11]. 2. The Bond Market Calendar Effect - The equity market usually has a strong calendar effect around the National Day. Before the holiday, investors are cautious and tend to leave the market, and after the holiday, the market usually rebounds. In the past 9 years since 2015, the Wind All - A Index fell in 6 years in the five trading days before the National Day, with a decline of 0.7 - 3.2 percentage points; it only rose in 2 years, with an increase of 1.4 - 2.5 percentage points. After the holiday, the equity market usually rebounds, except in the two years when it rose before the holiday [18]. - The bond market's liquidity usually fluctuates greatly before the National Day and shows a significant seasonal decline after the holiday. However, the calendar effect of Treasury bond interest rates is not obvious. Since 2019, interest rates around the National Day have mostly risen, mainly affected by fundamentals and fiscal policies, which can be divided into three situations [20]. 3. Which Bond Types Are Under Greater Pressure Under Fund Selling Pressure? - In the recent bond market adjustment, the decline of secondary perpetual bonds, policy - financial bonds, and ultra - long - term bonds favored by public funds is particularly obvious. Compared with last Friday, the interest rates of 3 - 5Y bank secondary perpetual bonds generally increased by more than 10BP, while other credit varieties of the same term only increased by about 3 - 7BP. The term spread between 30Y and 10Y Treasury bonds continued to widen by 2BP to 34BP, and the over - decline of China Development Bank bonds compared with Treasury bonds spread from 10Y to 3 - 7Y [3][29]. - This "structural over - decline" reflects the redemption pressure on the liability side of bond funds under the double pressure of weak performance and possible adjustment of redemption fees. From the 23rd to the 25th, the net selling of funds continued to increase, reaching a peak of 68.3 billion yuan on the 25th. The selling was concentrated in 7 - 10Y policy - financial bonds, old Treasury bonds over 10Y, and 7 - 10Y other bonds, with average daily net selling of 8.4 billion yuan, 5.1 billion yuan, and 4.0 billion yuan respectively [3][31]. - Looking ahead, it is recommended to pay attention to the re - evaluation risks of the interest rate tops of ultra - long - term bonds and 5Y secondary perpetual bonds. Ultra - long - term bonds face the risk of supply - demand mismatch, and the buying power of 5Y secondary perpetual bonds is gradually weakening, and the adjustment risk may spread from long - term to short - term and from secondary perpetual bonds to general credit bonds [4][33][35].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Important news: Ant Fund released data on the profitability of its fund investors; the scale of newly issued funds in a single week reached a new high in nearly three years, with science and technology innovation bond ETFs becoming the absolute main force; multiple bond funds announced adjustments to net value precision [2]. Summary According to Relevant Catalogs 1. Important News 1.1 Market Dynamics - The reform of fund fees may affect short - term bond funds, and wealth management companies are considering three alternative paths. The CSRC's proposed regulations on redemption fees may increase the cost of short - term redemptions, affecting the investment value of short - term bond funds. Wealth management companies are considering direct bond trading, bond allocation through dedicated accounts, and investing in bond ETFs and inter - bank certificate of deposit index funds [8]. - Ant Fund released data on the profitability of its fund investors. With the rise of the A - share market, the overall returns of active equity funds have recovered, and 90% of fund net values have exceeded last year's high. As of September 19, 215 million fund investors on the Ant Fund platform have achieved cumulative profits [8]. - Tibet Dongcai Fund officially changed its name to Dongcai Fund. The company completed the industrial and commercial change registration on September 15 and will subsequently change the names of its public fund products [9]. - The Asset Management Association of China (AMAC) released the public fund sales ranking for the first half of 2025, and securities firms are on the "fast - track" of index investment. In the first half of 2025, the overall public fund sales and custody scale of various institutions increased, and securities firms performed well in the field of index fund sales. The top ten institutions in the equity fund custody scale remained the same as at the end of 2024, while there were some changes in the non - monetary market fund and stock index fund custody scales [9]. 1.2 Product Highlights - The subscribers of the second batch of science and technology innovation bond ETFs were announced, mostly institutional investors. The second batch of 14 science and technology innovation bond ETFs will be listed on September 24, and most of the funds are held by institutional investors, with the proportion of institutional holdings in some funds exceeding 90% [10]. - The scale of newly issued funds in a single week reached a new high in nearly three years, with science and technology innovation bond ETFs becoming the absolute main force. From September 15 to 21, 56 new funds were established, with a total issuance scale of 76.715 billion yuan. Bond funds were particularly prominent, with 21 new bond funds established and a total issuance scale of 48.621 billion yuan, accounting for 63% of the total [12]. - Multiple bond funds announced adjustments to net value precision. Since July, more than 20 bond funds have announced adjustments to net value precision, mainly to avoid the adverse impact of large - scale redemptions on the interests of fund holders [14]. 1.3 Overseas Market - The acceleration of the "going - global" strategy of public funds is expected to bring a second growth curve. Recently, Huatai - Peregrine Asset Management (International) Co., Ltd., a subsidiary of Huatai - Peregrine Fund in Hong Kong, obtained relevant licenses from the Hong Kong Securities and Futures Commission. Many public funds have established overseas subsidiaries in recent years, which is expected to enhance the influence of China's capital market and introduce more funds [14]. - The Federal Reserve cut interest rates by 25 basis points. On September 18, the Federal Reserve cut the benchmark interest rate by 25 basis points to the range of 4.00% - 4.25%, restarting the interest - rate cut process suspended since December last year [15]. 2. Market Review - Last week (from September 15 to 19, 2025), most of the A - share market's major broad - based indices showed a downward trend, while most overseas indices showed an upward trend. The Shanghai Composite Index closed at 3820.09, down 1.30%; the CSI 300 Index closed at 4501.92, down 0.44%; the CSI 500 Index closed at 7170.35, up 0.32%; the CSI 800 Index closed at 4951.69, down 0.24%; the CSI 1000 Index closed at 7438.19, up 0.21%; the ChiNext Index closed at 3091.00, up 2.34%. The Hang Seng Tech Index rose 5.09%, the China Internet 30 Index rose 3.34%, and the Nasdaq Index rose 2.21% [3]. - The power equipment and new energy, and coal industries led the gains last week. The top five industries in the CSI primary industry index in terms of gains and losses were power equipment and new energy (3.61%), coal (3.59%), consumer services (3.52%), automobiles (3.43%), and electronics (2.75%). The bottom five industries were comprehensive (-4.09%), banking (-4.09%), non - ferrous metals (-3.93%), non - bank finance (-3.80%), and agriculture, forestry, animal husbandry, and fishery (-2.77%) [19]. 3. Fund Market Review 3.1 Active Equity Fund Performance - In the short - term performance of active equity funds, manufacturing and technology theme funds performed outstandingly. In the past week, the average interval returns of manufacturing and technology theme funds were 2.67% and 2.26% respectively; in the past three months, they were 30.99% and 44.66% respectively; in the past year, the technology and pharmaceutical theme funds performed prominently, with average interval returns of 96.18% and 59.78% respectively [20]. - Half of the active equity funds achieved positive returns last week, and the median interval return of active equity funds was 0.35%. Among different sectors, manufacturing and technology theme funds had the most prominent performance, with median interval returns of 2.56% and 1.95% respectively [23]. 3.2 Top - Performing Fund Performance Statistics - The top - performing active equity fund last week was Jinxin Steady Strategy A (007872.OF), a technology - themed fund, with an interval return of 15.24% [25]. - The report also listed the top five industry - themed funds in terms of interval returns last week, including their basic information and performance [26]. 4. ETF Fund Statistics 4.1 ETF Fund Performance - In terms of the average interval return last week, the top three ETF categories were technology (2.34%), manufacturing (1.78%), and international broad - based (0.84%) theme ETFs. In the past month, the top three were technology (15.57%), manufacturing (12.69%), and A - share broad - based (10.30%) theme ETFs [27]. 4.2 ETF Fund Capital Flow Statistics - In terms of capital inflows last week, the top categories were financial real estate (134.94 billion yuan), technology (87.83 billion yuan), and manufacturing (66.85 billion yuan) theme ETFs. The top categories in terms of capital outflows were A - share broad - based (148.82 billion yuan), bond (40.96 billion yuan), and commodity futures (16.30 billion yuan) theme ETFs [3]. - There were 448 ETFs with net capital inflows and 592 ETFs with net capital outflows last week. The top three ETFs in terms of capital inflows were Cathay CSI All - Share Securities Company ETF, Fullgoal CSI Hong Kong Stock Connect Internet ETF, and E Fund China Securities Robot Industry ETF. The top three in terms of capital outflows were Huaxia SSE STAR Market 50 ETF, Bosera CSI Convertible Bond and Exchangeable Bond ETF, and Huatai - Peregrine SSE 300 ETF [34]. 4.3 ETF Fund Premium and Discount Statistics - As of September 19, 2025, the top three ETFs in terms of premium rate were Huaxia Feed Soybean Meal Futures ETF (2.87%), Bank of Communications 180 Governance ETF (1.87%), and Cathay CSI Consumer Electronics Theme ETF (1.06%). The top three in terms of discount rate were Huatai - Peregrine CSI A100 ETF (0.58%), Huaxia ChiNext Artificial Intelligence ETF (0.51%), and ICBC Daiwa Nikkei 225 ETF (0.49%) [36]. 5. Fund Market Dynamics 5.1 Fund Manager Changes - Last week, 47 public funds had new fund managers, involving 39 fund managers from 24 fund management companies. The fund management companies with the largest number of public funds with new fund managers were BOC Fund, Morgan Fund, CCB Fund, E Fund, and Invesco Great Wall Fund [38]. - Last week, 46 public funds had fund manager departures, involving 29 fund managers from 23 fund management companies. The fund management companies with the largest number of public funds with departing fund managers were Zheshang Fund, BOC Fund, and Morgan Fund [41]. 5.2 Newly Established Funds Last Week - A total of 63 public funds were newly established last week, with a combined issuance share of 74.828 billion. The fund type with the largest number of new funds was passive index funds, with 16 newly established and a combined issuance share of 9.095 billion. The fund type with the largest combined issuance share was passive index bond funds, with 15 newly established and a combined issuance share of 44.943 billion [44]. - The fund management company with the largest combined issuance share was Tianhong Fund, with newly established public funds including Tianhong CSI A500 Index Enhanced A, Tianhong China Securities Hong Kong Stock Connect Technology Index A, and Science and Technology Innovation Bond ETF Tianhong, with a combined issuance share of 6.408 billion [44].

Group 1 - The Ministry of Commerce and nine other departments released 19 measures to expand service consumption, focusing on high-quality service supply and promoting consumption activities [1] - In August, new home prices in first-tier cities decreased by 0.1% month-on-month, while second-tier cities saw a 0.3% decline, indicating a continued adjustment in the real estate market with some signs of marginal improvement [1] - Local state-owned capital merger funds are emerging rapidly, aligning with national strategic directions to promote industrial upgrades and regional transformations [2] Group 2 - The recent reform of fund fee structures may impact short-term bond funds, prompting wealth management companies to explore alternative strategies such as direct bond trading and investing in bond ETFs [2] - The Federal Reserve lowered interest rates by 25 basis points to a range of 4.00%-4.25%, marking the first rate cut in nine months, with expectations of further cuts due to rising unemployment risks [3] - SoftBank plans to lay off nearly 20% of its Vision Fund team, reallocating resources towards AI initiatives, including a $500 billion Stargate project [3] Group 3 - Global stock markets mostly rose in the past week, with notable gains in the Chinese market, while U.S. indices also showed positive performance [6] - The bond market exhibited mixed results, with varying movements in yields across different maturities, reflecting a complex economic environment [7] - Recent trends in the commodity market showed a slight decline in oil prices, while gold and silver prices increased [12] Group 4 - The bank wealth management market is dominated by fixed-income products, with a significant preference for low-risk investments, reflecting current market conditions [12] - The issuance of new wealth management products has been led by bank wealth management subsidiaries, indicating their strong market position [12] - The overall performance of bank wealth management products has been supported by low inflation rates and a favorable regulatory environment [12]